Barcelona, February 15, 2018

CRIF Financial Flexibility Index -CFFI

CRIF Ratings launches a market observatory on IBEX Medium Cap and IBEX Small Cap, which will be updated every six months. This report aims to provide valuable and timely information to investors and decision-makers on a relatively uncovered equity markets such as the IBEX with Medium and Small Capitalization. The information contained in this report is a mix of public information and proprietary information developed by CRIF such as the CRIF Financial Flexibility Index (CFFI).

The CRIF Financial Flexibility Index (CFFI) is a proprietary indicator that monitors companies’ financial flexibility, which is measured as the difference between market capitalization and total financial debt in euros. A positive number may indicate financial flexibility, while a negative (or close to zero) could be interpreted as financial tightness.

The CFFI (or the “Indicator”) is composed by the average financial flexibility obtained from a sample of 49 Spanish non-financial corporates listed in the IBEX Mid and Small Caps. The Indicator’s value of the base year is conventionally set at 100 in Dec. 2006, given data availability and for tracking its performance before and after the global financial crisis. While CRIF analyses the financial flexibility on an individual basis, we highly recommend to read the outcome on a consolidated basis in order to better capture the markets’ trend.